Hawaii Real Estate State Practice Exam

When purchasing a condo through an agreement of sale, Mr. Fusato acquires certain rights, but the most significant of these is that he does not receive legal title immediately. An agreement of sale is a contract where the buyer (in this case, Mr. Fusato) agrees to purchase a property, and while this gives him certain equitable rights, he does not obtain legal title until specific conditions are met, typically the completion of the transaction and payment of the purchase price.

Equitable title allows Mr. Fusato to benefit from the property, as it gives him rights to ownership and the ability to possess and use the property. He would also be able to enjoy membership in the homeowners association, assuming that the association is tied into the ownership and operation of the condominium. However, until the sale is fully executed and the legal title is transferred, Mr. Fusato remains without the full legal ownership rights associated with the property. This distinction is crucial in real estate transactions, particularly as it pertains to the rights and obligations of both parties involved.